ing increased substantial holding, page-15

Surely ING wouldn't allow huge dilution by banks, given 1)the potential further damage to it's reputation, and 2) that it's been buying IEF itself, from $1.25 all the way down. One assumption I made (hopefully not a bad one) is that ING could always refinance it's own trusts if it had to as it is one of the few AA banks in the world. Also ANZ is in with ING so that might help. If not then someone better go and have a visit with Billy Connelly to tell him he's talking bs.